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“There are already signs of the strategy working with 6% growth in closing vehicles on hire, 60% of which has been driven by minimum term products.

“Our self help agenda in the UK remains firmly underway and Spain continues to outperform in its rental business justifying further investment as it accelerates its next phase of minimum term roll out.

“We continue to expect our profit this year to be skewed towards the second half, with various cost savings and benefits from the implementation of our strategy starting to have an impact.

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“I am confident we will see further benefits of the strategy and investment coming through in subsequent reporting periods, which will generate strong growth in value for our shareholders.”

Operating profit was largely impacted by the falling value of older vehicles being sold off by the firm. The changes in vehicle depreciation rates led to a £3.1m adverse impact on the company’s profits.